No follow through on drop, even after retesting broken TL from the back resulted in squeezed swings, that left the downsloping median set without reaching it's median. Now the last of the swings got zoomed and is currently being retested. A long postion shooting for the median seems like a good idea to me here. Sl underneath last swing.
Overview:
The Crude oil market had a fairly negative day on Monday, as market continue to worry about all things European Union and United Kingdom related. The primary trend of Crude oil is bearish on charts. On its 4 hourly chart, market is trading below 100 days moving average. It is having important resistance at the level of $48.12 and support level at the...
Pivot: 47.75
Most Likely Scenario: long positions above 47.75 with targets @ 49.30 & 50.20 in extension.
Alternative scenario: below 47.75 look for further downside with 47.30 & 46.80 as targets.
Comment: the RSI advocates for further advance.
The market has made a new higher highs these days. There is a major resistance at the 51.75 level. But we can wait for a retracement level and then go for a buy. So lets wait and see what the market does in the coming hours. Hoping it can break the major resistance and make a new uptrend again.
May take 2 weeks to resolve.
Range held this morning.
RSI divergence should have sent price higher out of range. The fact it didn't and an inverted hammer was the top on the 1hr chart shows underlying weakness.
We expect CRUDE to rise.
STOCH RSI is rising.
RSI is rising.
CCI is rising.
We expect crude to stay long above: 34.77 SL: 34.48 TGT 01: 35.59 TGT 02: 35.91 TGT 03:36.91
Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
